FLR pushes through Monday's high
Fluor Corporation (FLR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FLR ended the month 4.05% higher at 12.08 after edging higher $0.09 (0.75%) today, underperforming the S&P 500 (1.54%). Closing above Monday's high at 12.06, Fluor confirmed its breakout through the prior session high after trading up to $0.30 above it intraday.
Daily Candlestick Chart (FLR as at Jun 30, 2020):
Tuesday's trading range has been $0.64 (5.42%), that's below the last trading month's daily average range of $0.93. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FLR.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on April 22nd, FLR actually gained 8.81% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could speed up should prices move below the nearby swing low at 11.24 where further sell stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Fluor. Out of 124 times, FLR closed higher 58.87% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.29% with an average market move of 1.31%.